FTX Co-Founder Admits to Lying and Committing Financial Crimes with Sam Bankman-Fried Before Collapse

FTX co-founder Gary Wang testified that he and Sam Bankman-Fried committed financial crimes and lied to the public before FTX's collapse.

Wang said they illegally withdrew $8 billion in FTX funds through their cryptocurrency hedge fund Alameda Research.

Wang testified that Bankman-Fried directed the illegal financial moves at FTX and Alameda.

Prosecutors allege Bankman-Fried stole billions from investors and customers to enrich himself and donate over $100 million to political causes.

Bankman-Fried has pleaded not guilty, while Wang and two other executives have pleaded guilty in cooperation deals.